Key Managerial Personnel Changes

The Board of Directors of Diamond Power Infrastructure Limited, at its meeting held on Monday, October 19, 2026, approved the following changes:

1. Appointment of New CFO:

  • Mr. Kundip S. Thakker was appointed as Chief Financial Officer and Key Managerial Personnel of the Company.
  • The appointment is effective from October 20, 2026.
  • The appointment was made on the recommendation of the Nomination and Remuneration Committee and with the approval of the Audit Committee.

2. Cessation and Redesignation of Existing CFO:

  • Mr. Pawan Lohiya ceased to be the Chief Financial Officer and Key Managerial Personnel of the Company.
  • The cessation was effective from the close of business hours on October 19, 2026.
  • Mr. Lohiya was redesignated as Deputy Chief Financial Officer of the Company, effective from October 20, 2026.
  • The cessation was not on account of resignation.

Profile of New CFO - Mr. Kundip S. Thakker

Mr. Thakker is a finance professional with over 26 years of experience in:

  • Financial management
  • Strategic planning
  • Corporate finance
  • Treasury
  • Fundraising
  • Financial controls
  • Business performance management

Professional Experience:

  • Most recently served as Chief Financial Officer of Stelmec Limited, Mumbai (a medium-voltage switchgear and smart power solutions company).
  • At Stelmec, he led financial strategy, controls, fundraising, investor relations, and IPO preparedness.
  • He led a private equity raise of ₹175 crore in 2024.
  • Prior to Stelmec (joined June 2024), he spent about ten years at Blue Star Limited as Head – Treasury & Shared Services (P2P).
  • At Blue Star, he managed treasury and banking operations, working capital, foreign exchange exposure, trade finance, and banking limits of about ₹6,000 crore across 16 banks.
  • He was involved in capital raising, including a ₹1,000 crore QIP in September 2023.
  • Earlier held senior finance and commercial roles at Black Box Limited (Essar Group), ABB Limited, Reliance Industries Limited, Navneet Education Limited, and Borkar Packaging Private Limited.

Awards and Recognition:

  • CFO of the Year (2025)
  • Finance Leader of the Year (2025)
  • Best Treasurer of the Year (2024)

Qualifications:

  • Cost and Management Accountant (member of ICMAI)
  • MBA in Finance from TIMS, Gujarat
  • B.Com. from Gujarat University
  • Completed ICMAI's Certificate Course in Treasury and International Banking
  • Completed IIM Indore's Emerging CFO Programme

Additional Confirmations

  • Mr. Thakker is not related to any Director or Key Managerial Personnel of the Company.
  • He has confirmed that he is not debarred from holding such office by virtue of any order of SEBI or any other authority.

Meeting Details

The Board meeting commenced at 05:10 p.m. and concluded at 05:25 p.m. on October 19, 2026.